GE announce $200 million green tech funding

Green entrepreneurs have been invited to bid for a share of $200 million by GE Global Research Europe.

At the launch of the fund yesterday (July 15) in Munich, Germany, edie.net was invited to hear from Tore Land director of ecomagination at GE.

The Challenge, which the fund is being called, was launched in collaboration with venture capital firms Emerald Technology Ventures and is part of GE's ecomagination initiative, a global commitment to build innovative clean energy technologies and aims to fund the most 'promising' ideas.

The firm is hoping for proposals across three categories, which are, renewables, grid and eco homes/eco buildings.

The venture capital fund described as the 'biggest open innovation challenge ever' by another senior GE executive is open for bids now.

However, the company plans to close the bidding window by the end of September and hopes to allocate all the money within 12 to 16 months.

Entries will be judged as candidates for both a potential future commercial relationship as well as a $100,000 innovation challenge award acknowledging their entry as an example of 'outstanding entrepreneurship and innovation'.

For more information and to apply for the money click here to go to GE's website.